Wells Fargo & Company (NYSE:WFC) Position Cut by Envestnet Portfolio Solutions Inc.

Envestnet Portfolio Solutions Inc. trimmed its holdings in Wells Fargo & Company (NYSE:WFC) by 11.6% in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 142,638 shares of the financial services provider’s stock after selling 18,741 shares during the quarter. Envestnet Portfolio Solutions Inc.’s holdings in Wells Fargo & Company were worth $8,471,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Core Wealth Advisors Inc. bought a new position in Wells Fargo & Company in the 4th quarter worth approximately $25,000. Tennessee Valley Asset Management Partners bought a new position in Wells Fargo & Company during the 4th quarter valued at $29,000. Transcendent Capital Group LLC bought a new position in Wells Fargo & Company during the 4th quarter valued at $32,000. Wetzel Investment Advisors Inc. bought a new position in Wells Fargo & Company during the 4th quarter valued at $32,000. Finally, Atlantic Edge Private Wealth Management LLC bought a new position in Wells Fargo & Company during the 4th quarter valued at $34,000. 75.90% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

WFC has been the subject of a number of research reports. Evercore ISI reaffirmed an “outperform” rating and set a $67.00 price target (down from $70.00) on shares of Wells Fargo & Company in a research note on Monday, July 15th. Jefferies Financial Group increased their price target on Wells Fargo & Company from $62.00 to $64.00 and gave the company a “hold” rating in a research note on Wednesday, July 3rd. Keefe, Bruyette & Woods reduced their price objective on Wells Fargo & Company from $62.00 to $61.00 and set a “market perform” rating for the company in a research note on Monday, July 15th. BMO Capital Markets lifted their target price on Wells Fargo & Company from $55.00 to $57.00 and gave the stock a “market perform” rating in a report on Thursday, July 11th. Finally, Morgan Stanley lifted their target price on Wells Fargo & Company from $64.00 to $68.00 and gave the stock an “overweight” rating in a report on Tuesday, July 30th. Thirteen equities research analysts have rated the stock with a hold rating, five have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $59.91.

Wells Fargo & Company Stock Up 1.5 %

Shares of WFC stock traded up $0.78 on Wednesday, reaching $53.65. 13,214,975 shares of the company’s stock traded hands, compared to its average volume of 18,125,953. The company has a market capitalization of $187.04 billion, a P/E ratio of 11.02, a price-to-earnings-growth ratio of 1.40 and a beta of 1.17. Wells Fargo & Company has a 12-month low of $38.38 and a 12-month high of $62.55. The company has a debt-to-equity ratio of 1.11, a quick ratio of 0.85 and a current ratio of 0.86. The business’s 50 day moving average price is $57.80 and its two-hundred day moving average price is $57.10.

Wells Fargo & Company (NYSE:WFC) last released its quarterly earnings data on Friday, July 12th. The financial services provider reported $1.33 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.29 by $0.04. The firm had revenue of $20.69 billion during the quarter, compared to analysts’ expectations of $20.29 billion. Wells Fargo & Company had a return on equity of 12.30% and a net margin of 15.17%. The business’s revenue for the quarter was up .8% on a year-over-year basis. During the same quarter last year, the firm earned $1.25 earnings per share. On average, equities analysts forecast that Wells Fargo & Company will post 5.14 earnings per share for the current year.

Wells Fargo & Company Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Sunday, September 1st. Investors of record on Friday, August 9th will be given a dividend of $0.40 per share. This is a boost from Wells Fargo & Company’s previous quarterly dividend of $0.35. The ex-dividend date of this dividend is Friday, August 9th. This represents a $1.60 dividend on an annualized basis and a yield of 2.98%. Wells Fargo & Company’s dividend payout ratio (DPR) is presently 32.85%.

Wells Fargo & Company Company Profile

Wells Fargo & Company, a financial services company, provides diversified banking, investment, mortgage, and consumer and commercial finance products and services in the United States and internationally. The company operates through four segments: Consumer Banking and Lending; Commercial Banking; Corporate and Investment Banking; and Wealth and Investment Management.